REAL ESTATE

Old Office Depot HQ to be site of mixed-use project

BY Al Urbanski

Avison Young orchestrated the completion of three transactions totaling $33 million to pave the way for the construction of a mixed-use development on the site of Office Depot’s former headquarters in Delray Beach, Fla.

The property was divided into three parcels that were purchased separately by CDS International Holdings, Key International, and 13th Floor Investments. The companies formed a partnership called Centerpointe Delray Holdings that intends to build more than 600 residential units on the site.

CDS, which owns the Arbors office building on the northeast corner of the property, plans to separately develop retail and office components.

The project will be anchored by a 1.8-acre park with jogging and bike trails to connect to the 25-acre Delray Natural Oaks Preserve.

“We evaluated multiple and varied uses including colleges, office, and entertainment, and investors looking to renovate existing assets,” said Avison Young principal Keith O’Donnell. “Ultimately, we secured a dream team of well-known developers to purchase the property and embark on a transformative redevelopment project.”

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